The EU blocks the import of oil from Russia


A package of European Union sanctions on Russian oil imports, which was approved in June, came into effect today.

Due to this decision, Serbia is prohibited from importing Russian oil through the Croatian Janaf pipeline.

Also, today comes into force the decision to limit the price of Russian oil to 60 dollars per barrel. The price cap will apply to all Russian oil sold to third countries using EU and G7 tankers, their insurance companies and financial institutions.

Moscow has said it will not respect the price cap and that if necessary, it will cut production. The EU and the G7 will review the price cap every two months.

The EU’s decision to cap Russian oil prices has prompted reactions in Serbia. Sanctions against Russia have already practically been transferred to Serbia, since after their entry into force, this country will no longer be able to import oil through the Janaf gas pipeline.

The decision to ban the import of Russian oil to Serbia has “angered” President Aleksandar Vučić, as some EU countries are exempt from this ban. This decision should have been applied to Serbia as well, but, according to Vučić, Croatia insisted that this country not be excluded from this ban.

The ban on the import of Russian oil was announced months ago. Vucic had stated that due to this ban, Serbia will lose around 600 million dollars.

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